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Sunday, January 13th 2013

1:37 AM

Calpers Has a History of Social Activism With Money. Turn That On Wall Street

Calpers has sold assets from Asia, for bad behavior. And this power comes from Calpers being the largest pension fund in the world. Calpers could turn this activism against Wall Street. I suggest that is exactly what the 151 billion dollar fund should do. The fund could threaten to crash Wall Street, and then get the Street to quit messing with California governments. Indeed, capital markets are closed off to small business as the discount window is closed off to local governments, and that makes these entities the ones that suffer the most when there is an economic downturn. Yet these are the entities that most closely relate to main street and the plight of the middle class.